This follows a personal decision to terminate his contract with FUFA for failure to pay his wages amounting to UGX230m.
Irvin Khoza, Orlando Pirates chairman said this as he welcomed him.
"When he left, he left graciously. Now, he comes back with a great record and experiences throughout the continent," he said at Sredojevic's unveiling.
"We also welcome back Milutin Sredejovic, coach Micho. A man who's integrity I respect"
Sserunjoji, 47years old led Uganda to the Africa Cup of Nations for the first time since 1978.
FUFA swiftly appointed Moses Basena and Fred Kajoba as interim coaches of Uganda Cranes.